Non-oil economy still the driver
We project Nigeria’s GDP growth at 7.3% this year on the back of the robustness of the non-oil economy. While Nigeria cannot escape all the global headwinds, we feel that the world will be spared a rapid fall in the oil price on the scale of late 2008. Slower growth is likely in 2014 on the basis of a loss of macroeconomic discipline before the elections.
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